Financial Performance - The estimated net profit attributable to shareholders for the first half of 2024 is expected to be between RMB 24.57 million and RMB 36.85 million, marking a turnaround from a loss in the same period last year[2] - The estimated net profit attributable to shareholders, excluding non-recurring gains and losses, is expected to be between RMB 49.53 million and RMB 74.29 million, also indicating a turnaround from a loss in the previous year[2] - The net profit attributable to shareholders for the same period last year was a loss of RMB 988.28 million[4] - The net profit attributable to shareholders, excluding non-recurring gains and losses, for the same period last year was a loss of RMB 972.15 million[5] Factors Influencing Profitability - The primary reason for the expected profit in the first half of 2024 is the overall increase in international oil prices and steady recovery in market demand, leading to higher average product prices compared to crude oil processing costs[6] - The company has optimized production operations, contributing to increased product gross margins and profitability[6] Forecast Accuracy - There are no significant uncertainties affecting the accuracy of this earnings forecast[7] - The forecast data is preliminary and subject to confirmation in the official 2024 semi-annual report[7]

Financial Performance - For the fiscal year 2023, the net loss attributable to shareholders of the company was RMB 1,405,876 thousand under Chinese accounting standards, and RMB 1,346,147 thousand under International Financial Reporting Standards[4]. - The company reported a pre-tax loss of RMB (1,655.41) million for 2023, an improvement from a loss of RMB (3,573.65) million in 2022, indicating a reduction in losses by about 53.7%[11]. - The net loss attributable to shareholders for 2023 was RMB (1,346.15) million, compared to a loss of RMB (2,846.05) million in 2022, reflecting a decrease in losses by approximately 52.7%[11]. - The company's total assets as of December 31, 2023, were RMB 39,564.23 million, down from RMB 41,136.76 million in 2022, marking a decline of about 3.8%[11]. - The total liabilities decreased slightly to RMB 14,635.34 million in 2023 from RMB 14,781.36 million in 2022, a reduction of approximately 1.0%[11]. - The company's operating revenue for 2023 was RMB 93,013.60 million, up 12.72% from RMB 82,518.32 million in 2022[14]. - The net cash flow from operating activities improved significantly to RMB 806.996 million in 2023, compared to a cash outflow of RMB (7,337.50) million in 2022[14]. - The company's total equity attributable to shareholders decreased to RMB 24,810.92 million in 2023 from RMB 26,227.72 million in 2022, a decline of approximately 5.4%[11]. - The company reported a consolidated net profit of RMB -1.35 billion for the year, compared to RMB -2.84 billion in the previous year[67]. - The total sales cost was RMB 81.83 billion, resulting in an operating loss of RMB -1.75 billion for the year[67]. Dividends and Shareholder Information - The board of directors recommended not to distribute dividends for the fiscal year 2023 and also not to increase capital from reserves[4]. - The company reported a total of 93,789 common stock shareholders as of the end of the reporting period, an increase from 93,550 at the end of the previous month[29]. - The company executed a share cancellation of 24.528 million H-shares in February 2023, reducing the total share capital[13]. - The top shareholder, China Petroleum & Chemical Corporation, holds 5,459,455,000 shares, representing 50.55% of total shares[30]. - Hong Kong Central Clearing (Agent) Limited has a holding of 3,451,406,030 shares, accounting for 31.96% of total shares, with a decrease of 1,109,000 shares during the reporting period[30]. Market Position and Strategy - The company is positioned as a leading integrated petrochemical enterprise in China, focusing on refining and chemical production, primarily serving the domestic market with significant sales in the East China region[9]. - The company aims to continuously improve operational efficiency and strives to become a "domestically leading, world-class" energy, chemical, and new materials company[9]. - The company plans to continue expanding its market presence and product offerings, focusing on both refining and chemical products[22]. - The majority of the company's sales revenue comes from the East China region, which is one of the fastest-growing areas in China[50]. - The company is exploring market expansion opportunities and potential mergers and acquisitions to strengthen its market position[149]. Product and Sales Performance - The company's net sales for the year ended December 31, 2023, reached RMB 80,077.76 million, an increase from RMB 72,654.56 million in 2022, representing a growth of approximately 10.5%[11]. - The main products contributing to sales in 2023 included gasoline (26.38%), diesel (22.38%), and aviation kerosene (9.62%), collectively accounting for 64.79% of total sales[25]. - The net sales of refining products amounted to RMB 51.88 billion, up 25.18% from RMB 41.44 billion in the previous year, driven by a 35.17% increase in sales volume[69]. - The net sales of chemical products were RMB 19.03 billion, a 4.17% increase from RMB 18.27 billion in 2022, accounting for 23.77% of total sales[70]. - The net sales from petrochemical trading decreased by 31.93% to RMB 8.17 billion, down from RMB 12.01 billion, representing 10.20% of total sales[71]. Environmental and Social Responsibility - The company achieved a 100% compliance rate for wastewater discharge standards in 2023, with a total of 632.38 tons of chemical oxygen demand reported[190]. - The company reported a 100% compliance rate for air pollutant emissions, with a total of 180.41 tons of sulfur dioxide emitted in 2023[188]. - The company invested a total of RMB 2.8995 million in poverty alleviation and rural revitalization projects, benefiting 1,740 individuals[198]. - The company has been continuously promoting the ISO 14001 environmental management system certification since 2013[186]. - The company was recognized as a "Green Enterprise" by China Petroleum in 2022 and again in 2023, maintaining its status as an environmentally friendly enterprise[186]. Risks and Challenges - The company faces risks from the cyclical nature of the oil and petrochemical markets, with potential adverse effects on operations due to price volatility of crude oil and petrochemical products[135]. - The company relies on imports for over 95% of its crude oil, facing risks related to procurement and the inability to fully pass on rising crude oil costs to customers due to market conditions and government regulations[136]. - Fluctuations in the RMB exchange rate against foreign currencies could adversely affect the company’s business and profitability, especially since a significant portion of crude oil procurement is priced in foreign currencies[139]. - Related party transactions with Sinopec and its affiliates may impact the company’s business and economic benefits if agreements are modified unfavorably[140]. Governance and Compliance - The company has implemented a modernized governance system to enhance management efficiency and promote talent development[59]. - The company has no significant litigation or arbitration matters during the reporting period[172]. - There were no penalties or regulatory actions against the company or its executives during the reporting period[173]. - The company has adopted new accounting standards effective from January 1, 2023, impacting the financial reporting framework[167]. - The domestic auditor, KPMG Huazhen LLP, has been retained for the 2023 fiscal year with a fee of RMB 3,418,500, and the audit term is set for three years[171].

Financial Performance - The company's operating revenue for Q1 2024 was RMB 21,282,263 thousand, representing a decrease of 3.17% compared to the same period last year[4]. - Total operating revenue for Q1 2024 was RMB 21,282,263, a decrease of 3.16% compared to RMB 21,978,009 in Q1 2023[15]. - Total operating costs decreased to RMB 21,153,044 in Q1 2024 from RMB 22,139,134 in Q1 2023, representing a reduction of 4.44%[15]. - Net profit for Q1 2024 was RMB 85,195, a significant recovery from a net loss of RMB 162,346 in Q1 2023[16]. - Operating profit for Q1 2024 was RMB 129,219, compared to an operating loss of RMB 161,125 in the same period last year[15]. - Net profit attributable to shareholders was RMB 84,061 thousand, while net profit excluding non-recurring gains and losses was RMB 98,108 thousand[4]. - The weighted average return on net assets increased by 0.96 percentage points to 0.338%[4]. - The company achieved earnings per share of RMB 0.008 in Q1 2024, recovering from a loss per share of RMB -0.015 in Q1 2023[16]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at RMB -718,251 thousand[4]. - Cash flow from operating activities showed a net outflow of RMB 718,251 in Q1 2024, worsening from a net outflow of RMB 29,479 in Q1 2023[17]. - Cash flow from financing activities generated a net inflow of RMB 1,416,191 in Q1 2024, down from RMB 3,464,658 in Q1 2023[18]. - Cash and cash equivalents increased by 54.29%, mainly due to an increase in time deposits maturing within one year[8]. - The company reported cash and cash equivalents of RMB 5,344,773 at the end of Q1 2024, an increase from RMB 3,953,405 at the end of Q1 2023[18]. - Cash and cash equivalents increased to 8,651,248,000 RMB from 5,607,013,000 RMB[13]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 39,544,994 thousand, a decrease of 0.29% from the end of the previous year[5]. - The company's total assets as of March 31, 2024, are 39,544,994,000 RMB, slightly decreased from 39,658,244,000 RMB[14]. - Current assets as of March 31, 2024, amount to 18,535,268,000 RMB, an increase from 15,454,832,000 RMB as of December 31, 2023[13]. - Total liabilities as of March 31, 2024, are 14,560,818,000 RMB, down from 14,715,337,000 RMB at the end of 2023[14]. - Shareholders' equity attributable to the company increased by 0.21% to RMB 24,877,304 thousand[5]. - The retained earnings increased to 6,601,233,000 RMB from 6,517,172,000 RMB[14]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 93,561[9]. - The largest shareholder, China Petroleum & Chemical Corporation, holds 5,459,455,000 shares, accounting for 50.55% of total shares[9]. - The second largest shareholder, Hong Kong Central Clearing Limited, holds 3,427,154,780 shares, representing 31.74% of total shares[9]. - There are no significant related party transactions among the top shareholders[10]. - The company has no significant changes in the number of shares lent or returned due to margin trading[11]. Other Financial Metrics - Non-recurring losses totaled RMB -14,047 thousand, primarily due to severance benefits[6]. - Research and development expenses increased to RMB 35,083 in Q1 2024 from RMB 30,776 in Q1 2023, reflecting a growth of 13.00%[15]. - The company reported a significant increase in government subsidies, contributing to a 74.01% rise in other income[8]. Future Outlook - The company plans to continue focusing on market expansion and new technology development to enhance future performance[15].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 21,282,263, representing a decrease of 3.17% compared to the same period last year[4] - Total operating revenue for Q1 2024 was CNY 21,282,263, a decrease of 3.16% from CNY 21,978,009 in Q1 2023[18] - Total operating costs for Q1 2024 were CNY 21,153,044, down 4.44% from CNY 22,139,134 in Q1 2023[18] - Net profit for Q1 2024 was CNY 85,195, compared to a net loss of CNY 162,346 in Q1 2023, indicating a significant turnaround[20] - The total comprehensive income for the first quarter of 2024 was CNY 85,195 million, a decrease from CNY -162,346 million in the same period of 2023[21] - The company reported a basic and diluted earnings per share of CNY 0.008, recovering from CNY -0.015 in the previous year[21] Cash Flow - The net cash flow from operating activities was negative at CNY -718,251, indicating a cash outflow[4] - The net cash flow from operating activities was CNY -718,251 million, compared to CNY -29,479 million in Q1 2023, indicating a decline in operational cash flow[22] - Cash inflow from sales of goods and services was CNY 22,426,062 million, down from CNY 24,882,513 million year-over-year[22] - The company experienced a decrease in cash inflow from operating activities, totaling CNY 22,537,847 million, down from CNY 24,974,608 million year-over-year[22] - The company’s total cash outflow from operating activities was CNY 23,256,098 million, a decrease from CNY 25,004,087 million in the previous year[22] - Cash flow from investing activities showed a net outflow of CNY -259,552 million, an improvement from CNY -386,507 million in Q1 2023[23] - Cash flow from financing activities generated a net inflow of CNY 1,416,191 million, down from CNY 3,464,658 million in the same quarter last year[23] - The company raised CNY 12,500,000 million from borrowings, an increase from CNY 10,518,000 million in Q1 2023[23] - The ending cash and cash equivalents balance was CNY 5,344,773 million, compared to CNY 3,953,405 million at the end of Q1 2023[23] Assets and Liabilities - Total assets at the end of the reporting period were CNY 39,544,994, a decrease of 0.29% from the end of the previous year[4] - Total assets as of March 31, 2024, were CNY 39,544,994, slightly down from CNY 39,658,244 at the end of 2023[17] - Total liabilities decreased to CNY 14,560,818 from CNY 14,715,337 at the end of 2023[17] - The company reported a decrease in inventory to CNY 7,099,189 from CNY 7,751,687 at the end of 2023, reflecting improved inventory management[16] - The company’s short-term borrowings increased to CNY 4,500,000 from CNY 3,000,000 at the end of 2023, indicating a potential increase in leverage[17] Shareholder Information - The net profit attributable to shareholders was CNY 84,061, while the net profit after deducting non-recurring gains and losses was CNY 98,108[4] - The total number of ordinary shareholders at the end of the reporting period was 93,561[9] Other Financial Metrics - The weighted average return on equity increased by 0.96 percentage points to 0.338%[4] - The company’s cash and cash equivalents increased by 54.29% due to an increase in time deposits maturing within one year[6] - Accounts receivable financing rose by 73.81%, attributed to a significant increase in third-party receivables in the trading segment[6] - Other receivables increased by 43.51%, mainly due to an increase in the refund of consumption tax on naphtha[6] - The company received government subsidies amounting to CNY 3,340 during the reporting period, contributing to a 74.01% increase in other income[8] - The company’s gross profit margin improved, with gross profit for Q1 2024 at CNY 5,542,791, compared to CNY 3,365,864 in Q1 2023[20] - The company’s R&D expenses for Q1 2024 were CNY 35,083, compared to CNY 30,776 in Q1 2023, indicating a focus on innovation[20]

Financial Performance - The net loss attributable to shareholders for 2023 was RMB 1,405,876 thousand according to Chinese accounting standards, and RMB 1,346,147 thousand according to International Financial Reporting Standards[3]. - The total operating revenue for 2023 was RMB 93,013,595 thousand, an increase of 12.72% compared to RMB 82,518,315 thousand in 2022[13]. - The total loss for the year was RMB (1,715,136) thousand, a decrease of 52.35% from RMB (3,599,570) thousand in 2022[13]. - The net loss attributable to shareholders of the parent company was RMB (1,405,876) thousand, down 51.05% from RMB (2,871,969) thousand in the previous year[13]. - The net cash flow from operating activities was RMB 806,996 thousand, a significant recovery from RMB (7,337,499) thousand in 2022[13]. - The company's operating loss for 2023 was RMB 1.753 billion, an improvement of RMB 2.090 billion compared to the previous year's loss of RMB 3.843 billion[44]. - The company's financial income was RMB 238.68 million, down from RMB 443.33 million in the previous year[37]. - The company's total borrowings increased by RMB 1.450 billion to RMB 3.700 billion, primarily due to new short-term borrowings[51]. - The company's debt-to-asset ratio as of December 31, 2023, was 36.99%, up from 35.93% in the previous year[52]. - The company reported a significant decrease in financial expenses, which fell by 50.24% to RMB -228.63 million in 2023 from RMB -459.44 million in 2022[63]. Dividends and Share Capital - The board of directors proposed not to distribute dividends for the year and not to increase share capital from reserves[3]. - The company reported a reserve available for distribution to shareholders of RMB 6,070.476 million as of December 31, 2023, down from RMB 7,339.170 million in 2022[131]. - The company repurchased a total of 70,192,000 H shares during the reporting period, with a total cost of RMB 70.579 million[135]. - The board has approved a dividend payout of 5 billion RMB, reflecting a commitment to returning value to shareholders[176]. Operational Highlights - In 2023, the company processed a total of 14.12 million tons of crude oil, representing a year-on-year increase of 35.17%[23]. - The company produced 8.67 million tons of refined oil, which is a 46.69% increase year-on-year[23]. - The total sales volume for refined products reached 9,747.76 thousand tons, generating a net sales revenue of RMB 51,881.58 million, accounting for 64.79% of total sales[36]. - The company achieved a product sales rate of 100.14% and a cash collection rate of 100%[23]. - The company has completed 65% of the progress on a 250,000 tons/year thermoplastic elastomer project[28]. Research and Development - Research and development expenses rose to RMB 187 million in 2023 from RMB 131 million in 2022, reflecting increased material costs for technology development[53]. - The company's research and development expenses increased by 43.26% to RMB 186.98 million in 2023, up from RMB 130.52 million in 2022[62]. - The company plans to invest 1 billion RMB in R&D for new technologies aimed at reducing carbon emissions by 30% over the next five years[172]. - The company is focused on enhancing its R&D capabilities focusing on key petrochemical products to improve market competitiveness[103]. Market and Sales - The average price of refined and chemical products decreased by 6.51% and 8.30% respectively compared to the previous year[24]. - The company's total revenue for the year reached RMB 92.93 billion, an increase of 12.72% compared to the previous year[23]. - The company's net sales for 2023 reached RMB 80.078 billion, an increase of 10.22% from RMB 72.655 billion in the previous year[39]. - The revenue from refined oil products was RMB 64,642,544 thousand, with a year-on-year increase of 26.37%[72]. - The revenue from chemical products was RMB 19,111,302 thousand, with a year-on-year increase of 4.23%[72]. Risk Management - The company has detailed potential risks in its report, particularly regarding future development challenges[5]. - The report emphasizes the importance of investment risk awareness for investors regarding forward-looking statements[4]. - The company engages in related party transactions with its controlling shareholder, Sinopec Corp, which may affect business operations and economic benefits if agreements are modified unfavorably[96]. - The company is subject to strict environmental regulations in China, which may lead to additional costs if new, stricter standards are implemented[95]. Corporate Governance - The annual report was audited by KPMG Huazhen and KPMG, both providing standard unqualified audit opinions[2]. - The company has established a strategic and ESG committee to enhance its focus on environmental, social, and governance issues[162]. - The company plans to continue enhancing its corporate governance structure in compliance with relevant regulations, aiming for sustainable development[159]. - The independent non-executive directors confirmed that the related party transactions were conducted at fair market prices and did not significantly impact the company's independence[124]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[172]. - The company plans to enhance its supply chain efficiency, aiming for a 15% reduction in operational costs by the end of the next fiscal year[181]. - The company aims to achieve a 20% reduction in carbon emissions by 2025 as part of its ESG initiatives[176]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[181].

智通财经APP讯，上海石油化工股份(00338)发布公告，公司第十一届董事会审计与合规管理委员会第三 次会议审议通过了《关于续聘2024年度境内及境外会计师事务所并建议授权董事会决定其酬金的议 案》。董事会审计与合规管理委员会认为:毕马威华振和毕马威香港具备应有的专业胜任能力、投资者 保护能力、独立性及良好的诚信状况，并同意将该提案提交董事会审议。 公司于2024年3月20日召开公司第十一届董事会第六次会议，以11票同意、0票反对、0票弃权审议通过 了《关于续聘2024年度境内及境外会计师事务所并授权董事会决定其酬金的议案》。 ...

Financial Performance - The net loss attributable to shareholders for 2023 was RMB 1,405,876 thousand, a decrease of 51.05% compared to the previous year's loss of RMB 2,871,969 thousand[3]. - Total operating revenue for 2023 was RMB 93,013,595 thousand, representing a 12.72% increase from RMB 82,518,315 thousand in 2022[9]. - The basic loss per share for 2023 was RMB (0.130), a 50.94% improvement from RMB (0.265) in 2022[10]. - The weighted average return on equity for 2023 was (5.504)%, an increase of 4.66 percentage points from (10.162)% in 2022[10]. - The company reported a net loss attributable to shareholders of RMB 1,346.15 million for 2023, compared to a loss of RMB 2,846.05 million in 2022, indicating an improvement of about 52.7%[14]. - The total operating loss for 2023 was RMB 1,752.95 million, compared to a profit of RMB 1,432.20 million in 2021[34]. - The operating loss for 2023 was RMB 1.75 billion, an improvement of RMB 2.09 billion compared to an operating loss of RMB 3.84 billion in the previous year[43]. - The pre-tax loss for 2023 was RMB 1.66 billion, reduced by RMB 1.92 billion from a pre-tax loss of RMB 3.57 billion in 2022[48]. - The net loss after tax for 2023 was RMB 1.35 billion, a decrease of RMB 1.49 billion from a net loss of RMB 2.84 billion in the previous year[49]. - The total comprehensive loss for the year was RMB 1,363,294 thousand, an improvement from RMB 2,690,362 thousand in 2022, reflecting a reduction of 49.3%[126]. Cash Flow and Assets - The company reported a net cash flow from operating activities of RMB (1,365,513) thousand, a 50.75% decrease compared to RMB (2,790,670) thousand in 2022[9]. - The company experienced a net cash flow from operating activities of RMB 1,695,312 thousand in Q4 2023, a significant recovery compared to the negative cash flows in the previous three quarters[15]. - The company's cash flow from operating activities showed a significant improvement, with a net cash inflow of RMB 1,200,000 thousand in 2023 compared to a net outflow of RMB 500,000 thousand in 2022[125]. - The company's total assets decreased by 3.84% to RMB 39,658,244 thousand at the end of 2023, down from RMB 41,242,782 thousand in 2022[9]. - The company's total assets as of December 31, 2023, were RMB 39,658,244 thousand, down from RMB 41,242,782 thousand as of December 31, 2022[124]. - The company's cash and cash equivalents increased to RMB 5.61 billion in 2023 from RMB 3.99 billion in 2022, representing a growth of approximately 40.4%[122]. - The company's inventory rose to RMB 7.75 billion in 2023, compared to RMB 7.29 billion in 2022, indicating an increase of about 6.3%[122]. - The company's total current assets were reported at RMB 15.45 billion, slightly down from RMB 15.77 billion in the previous year[122]. - The company's accounts receivable as of December 31, 2023, totaled RMB 2,649,838 thousand, a decrease from RMB 2,815,841 thousand as of December 31, 2022, indicating a reduction of about 5.9%[153]. Revenue and Sales - The company's net sales for 2023 reached RMB 80,077.76 million, an increase from RMB 72,654.56 million in 2022, representing a growth of approximately 5.8%[14]. - The company's revenue for the year reached RMB 92.93 billion, an increase of 12.72% compared to the previous year[21]. - The net revenue for 2023 was RMB 80.08 billion, an increase of 10.22% from RMB 72.66 billion in 2022[36]. - The net revenue from refining products reached RMB 51.88 billion, up 25.18% from RMB 41.44 billion in the previous year, driven by a 35.17% increase in sales volume[37]. - The total sales volume for 2023 reached 12,528.08 thousand tons, with a net sales amount of RMB 80,077.76 million, representing a 10.00% increase from RMB 72,654.56 million in 2022[33]. - Revenue from a single customer amounted to RMB 66,435,767 thousand in 2023, up from RMB 52,190,120 thousand in 2022, marking a significant increase of around 27.3%[163]. Costs and Expenses - The total sales costs and expenses for 2023 were RMB 81.83 billion, a rise of 6.97% from RMB 76.50 billion in 2022[39]. - The company's sales cost for 2023 was RMB 81.61 billion, which accounted for 102.19% of the total net revenue[40]. - The company reported a significant increase in sales costs, with refined products' sales costs at RMB 52,111.60 million, which is 65.08% of net sales[34]. - The total cost of crude oil processing increased by RMB 9.69 billion, up 20.56%, accounting for 69.63% of total sales costs[23]. - The company's sales and management expenses increased by 7.48% to RMB 316 million in 2023, up from RMB 294 million in 2022[41]. Research and Development - Research and development expenses for 2023 amounted to RMB 187 million, an increase from RMB 131 million in 2022 and RMB 94 million in 2021, primarily due to rising material costs for equipment and product technology development[52]. - The company had 159 R&D personnel, accounting for 2.11% of the total workforce, with 10 holding doctoral degrees and 48 holding master's degrees[68]. - Research and development expenses increased to RMB 186,978 thousand in 2023, up from RMB 130,516 thousand in 2022, marking a growth of 43.3%[125]. Environmental and Regulatory Compliance - The company achieved a 100% compliance rate for wastewater discharge and hazardous waste disposal in 2023[101]. - The company incurred an environmental tax payment of RMB 9.8747 million to the Jinshan District Tax Bureau in 2023[102]. - The company received administrative penalties totaling RMB 519,600 due to environmental issues in September 2023[103]. - The company has implemented carbon reduction measures resulting in a total reduction of 40,249 tons of CO2 equivalent emissions[109]. - The company purchased 46.02 million kWh of green electricity in 2023, reducing carbon emissions by 19,317 tons[109]. Governance and Management - The company has complied with all applicable provisions of the Corporate Governance Code throughout the reporting period[117]. - The company's independent non-executive directors confirmed that related party transactions were conducted at fair market prices and did not significantly impact the company's independence[114]. - The controlling shareholder, Sinopec Corp., holds approximately 50.55% of the company's shares, which may influence the company's operations and financial decisions[94]. Future Outlook - The company plans to process a total of 14.3 million tons of crude oil in 2024, with a target production of 8.8 million tons of refined oil[82]. - The company aims to produce 671,000 tons of ethylene and 692,000 tons of paraxylene in 2024[82]. - The company plans to invest approximately RMB 2.889 billion in capital expenditures for 2024, funded through financing activities and some self-owned funds[90].

Financial Performance - The company's operating revenue for Q3 2023 reached CNY 24,922,150, representing a 109.81% increase compared to CNY 11,878,206 in the same period last year[4] - The net profit attributable to shareholders of the listed company was CNY 268,831, a significant recovery from a loss of CNY 1,566,776 in the previous year[4] - The basic earnings per share for the quarter was CNY 0.025, compared to a loss of CNY 0.145 in the same period last year[5] - The weighted average return on equity increased to 1.058%, up by 6.527 percentage points from -5.472% in the previous year[5] - The net profit attributable to shareholders for the year-to-date period was CNY -719,446, an improvement from CNY -2,002,785 in the previous year[4] - The net profit attributable to shareholders for the reporting period increased, with significant growth in the sales volume of petrochemical products compared to the same period last year[10] - The net profit attributable to shareholders after deducting non-recurring gains and losses also saw an increase, driven by a decrease in unit costs and an increase in gross profit[10] - Net profit for Q3 2023 was CNY -716,658 thousand, compared to CNY -1,997,463 thousand in Q3 2022, showing an improvement[21] - The company reported a decrease in total comprehensive income to CNY -674,048 thousand in Q3 2023 from CNY -1,777,020 thousand in Q3 2022[21] - The company reported a net loss of CNY 1,997,463 thousand for the nine months ended September 30, 2022, slightly improved from a net loss of CNY 1,998,274 thousand in the previous year[25] Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -661,434, a decline of 139.59% from CNY 1,670,792 in the previous year[5] - The cash flow from operating activities for the reporting period decreased by 139.59%, primarily due to increased cash payments for goods and services compared to the same period last year[10] - The company reported a net cash flow from operating activities of CNY -888,316 thousand for the first three quarters of 2023, an improvement from CNY -4,734,330 thousand in the same period of 2022[22] - Cash inflow from operating activities totaled CNY 78,091,401 thousand for the first three quarters of 2023, compared to CNY 63,922,052 thousand in the same period of 2022[22] - The net cash flow from financing activities was CNY 3,380,670 thousand, significantly higher than CNY 1,308,516 thousand in the previous year, indicating a growth of over 158%[23] - The cash and cash equivalents at the end of the period amounted to CNY 5,742,344 thousand, up from CNY 5,494,687 thousand year-over-year, reflecting an increase of approximately 4.5%[23] Assets and Liabilities - Total assets at the end of the reporting period were CNY 41,242,740, a decrease of 4.66% from CNY 39,320,227 at the end of the previous year[5] - As of September 30, 2023, total current assets amounted to CNY 15,619,834,000, a slight decrease from CNY 15,765,882,000 at the end of 2022[16] - Total assets as of September 30, 2023, were CNY 39,320,227,000, down from CNY 41,242,782,000 at the end of 2022[16] - The company reported a significant increase in short-term borrowings, rising to CNY 5,045,000,000 from CNY 1,550,000,000 at the end of 2022[16] - The total liabilities decreased to CNY 13,636,846 thousand in Q3 2023 from CNY 14,871,357 thousand in Q3 2022[20] - The company's total equity decreased to CNY 25,683,381 thousand in Q3 2023 from CNY 26,371,425 thousand in Q3 2022[20] Research and Development - Research and development expenses for Q3 2023 were CNY 112,338 thousand, an increase of 35.5% compared to CNY 82,916 thousand in Q3 2022[20] Government Support and Future Plans - The company received government subsidies amounting to CNY 15,995 during the year-to-date period, which positively impacted its financial performance[7] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and profitability[9]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Sinopec Shanghai Petrochemical Company Limited 中國石化上海石油化工股份有限公司 （股份代號：00338） （於中華人民共和國註冊成立之股份有限公司） 2023年第三季度報告 | --- | --- | |------------------------------------------------------------------------------|--------------| | | | | 本公告在上海和香港同步刊登。本公告乃根據《上海證券交易所股票上市規則》規定於 | | | 中國境內刊登。本公告乃根據《香港聯合交易所有限公司證券上市規則》第 | 13.09 條及第 | | 13.10B 條的披露義務而作出。 | | 一、重要內容提示 1.1 中國石化上海石油化工股份有限公司（「本公司」、「公司」，連同其附屬公司統 稱為「本集團」）董事會 ...

Financial Performance - The company's operating revenue for the first half of 2023 was RMB 44,937,051, a decrease of 2.10% compared to RMB 45,900,355 in the same period last year[7]. - The total loss for the period was RMB -1,211,974, representing an increase in loss of 173.83% from RMB -442,601 in the previous year[7]. - The net loss attributable to shareholders of the parent company was RMB -988,277, which is a 126.65% increase from RMB -436,042 in the same period last year[7]. - The basic loss per share for the first half of 2023 was RMB -0.092, compared to RMB -0.040 in the same period last year[9]. - The company reported a significant tax benefit of RMB 226,288 thousand due to increased losses compared to the previous year[30]. - The company reported a gross loss of RMB 1,090,281 thousand, compared to a gross loss of RMB 539,032 thousand in the previous year, indicating a significant increase in losses[106]. - The net loss attributable to shareholders reached RMB 988,277 thousand, a 126.65% increase compared to RMB 436,042 thousand in the same period last year[30]. Cash Flow and Financial Position - The net cash flow used in operating activities was RMB -226,882, a significant decline from RMB -6,405,122 in the previous year[7]. - The group's cash outflow from operating activities in the first half of 2023 was RMB 280 million, significantly reduced from RMB 6.445 billion in the same period last year, due to lower cash payments for goods and taxes[22]. - The company's cash and cash equivalents at the end of June 2023 stood at RMB 4,611 million, a significant increase from RMB 2,439 million at the end of June 2022[116]. - The net cash inflow from financing activities was RMB 3,427,414 thousand for the first half of 2023, compared to RMB 1,946,321 thousand in the same period of 2022, representing a year-over-year increase of approximately 76%[196]. - The net cash inflow from investment activities for the first half of 2023 was RMB 513,477 thousand, down from RMB 1,776,708 thousand in the first half of 2022[195]. Assets and Liabilities - The total assets increased by 1.11% to RMB 41,701,821 from RMB 41,242,782 at the end of the previous year[7]. - The total liabilities as of June 30, 2023, amounted to RMB 16,295,519 thousand, an increase of 9.5% from RMB 14,871,357 thousand at the end of 2022[192]. - The total equity attributable to shareholders of the parent company decreased to RMB 25,276,032 thousand from RMB 26,243,746 thousand, reflecting a decline of 3.7%[192]. - The company's total assets as of June 30, 2023, were RMB 41,701,821 thousand, compared to RMB 41,242,782 thousand at the end of 2022, indicating a slight increase[192]. - The company's total liabilities amounted to RMB 15,428,340 thousand, compared to RMB 13,998,338 thousand at the end of 2022, an increase of 10.24%[188]. Operational Efficiency and Cost Management - The company is focusing on optimizing product structure and improving product quality to adapt to the changing market dynamics and increasing competition[14]. - The company has made progress in optimizing its business processes and reducing costs, with a focus on increasing production efficiency and reducing losses[18]. - The company reduced its other auxiliary material expenses by 23.74% to RMB 3.726 billion compared to the same period last year[20]. - The company achieved a product sales rate of 98.93% and a cash collection rate of 100% for the first half of 2023[16]. Research and Development - R&D expenses increased to RMB 68,062 thousand, up 86.85% from RMB 36,426 thousand in the previous year[30]. - The company is actively researching new technologies in the refining sector, including green raw material technology and CO2 capture and utilization technology[13]. Market and Industry Position - The company is positioned in the rapidly growing East China region, which is a key market for high-quality petrochemical products[13]. - In the first half of 2023, domestic crude oil production and processing both increased, while product prices and revenues saw a decline year-on-year[13]. - The company has over 50 years of experience in the petrochemical industry, which enhances its competitive advantage in quality and logistics[14]. Environmental Compliance and Sustainability - The company has received the title of "Green Enterprise" from Sinopec Group as of January 13, 2023[70]. - The company achieved a 100% compliance rate for sulfur dioxide emissions, with an actual average concentration of 6.39 mg/m3 against a limit of 35 mg/m3[75]. - The company has implemented effective pollution prevention measures, achieving stable emissions within regulatory limits[75]. - The company has established nine emergency response plans for environmental incidents, including specific plans for water body risks and hazardous chemical leaks[77]. Shareholder and Governance - The company has not issued any bonds for all subsidiaries[38]. - The company has not changed its accounting firm during the reporting period[53]. - The company has complied with all provisions of the Corporate Governance Code during the reporting period[101]. - The first meeting of the Audit and Compliance Management Committee was held on August 22, 2023, to review financial reports and discuss risk management[100].